G7 announces plan to ban Russian gold imports

G7 announces plan to ban Russian gold imports

The Group of Seven announced a ban on imports of Russian gold in an attempt to damage Moscow’s ability to finance the war in Ukraine.
The United Kingdom said the measure “would strike at the heart of Putin’s war machine,” according to the British newspaper, the Evening Standard.

British Prime Minister Boris Johnson and US President Joe Biden revealed details of the ban as the Group of Seven nations met in Bavaria on Sunday, with Russia’s war on Ukraine set to dominate the summit.

Biden suggested that other G7 nations – Germany, France and Italy – join the ban.

At the summit, leaders will discuss strategies to secure energy supplies and tackle inflation, with the goal of preventing the fallout from Russia’s invasion of Ukraine from dividing the global coalition working to punish Moscow.

Secretary of State Liz Truss and her Ukrainian counterpart Dmytro Kuleba urged the free world to ignore “defeatist voices” proposing a “sale” for a “quick end to the continuing horror” of the war.